Members who are eligible for the 2015 remedy will have their pension benefits that were built up in the 2015 CARE scheme during the remedy period (between 1 April 2015 and 31 March 2022) moved back to their original final salary pension scheme.
Members will then be given a choice between final salary and CARE scheme benefits. This decision will be taken at the point benefits become payable i.e. on retirement.
Eligible members who have already retired or plan to retire before the 2015 remedy’s proposed completion date of 1 October 2023 will also be given this choice. We’ll contact retired members once we are in a position to do so and offer them this choice.
Why are members given this choice?
If members are automatically moved back into their legacy pension scheme without being given a choice, this could result in some members being worse off because they may be better off with 2015 scheme benefits.
When it’s time to choose which benefits to take, we will provide estimates for both the legacy scheme and the 2015 scheme to ensure members can make an informed choice. For members who have already retired any additional pension and/or tax free lump sum due after making their choice will be backdated to their retirement date.